Cohousing-L Mailing List: ROFR

[Anne Little (solianna]

Hi All,

 

There are 2 condo units for sale at Jackson Place Cohousing in Seattle right
now; one of which I own.  I had a nice couple who were very interested in
purchasing.  However, they could only afford an FHA loan.  FHA/HUD will not
loan to a condo with an ROFR clause in their bylaws - no exceptions.  Word
on the street is that Fannie May may follow suit in the near future.  This
is really bad news.  My buyers were disappointed and JPC is now looking at
legally changing their bylaws.

 

How have other cohousing folks with ROFR bylaws handled this? Owner
financing and lease-to-buy are not options. 

 

How did you get your condo listed with HUD? Or is it? (You can check on
their web site.)

 

Do you have specific wording (without a ROFR clause)  that helps assure that
people committed to cohousing get first shot at available units?

 

Any info is appreciated,

Anne Little - Jackson Place Cohousing, Seattle